000			01996nam a22002057a 4500
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005			20230627153728.0
008			220112b |||||||| |||| 00| 0 eng d
022			_a2152-050X
100			_9657 _aBelsky, Eric S.
245			_aRental vacancy rates : _ba policy primer
260			_bHousing Policy Debate, _c31 Mar 2010.
300			_a22 pages
500			_aKEYWORDS: vacancy rate; housing market
520			_aAbstract: This article examines how policy makers use rental vacancy rates as indicators of housing market condition. The common practice of assuming that any rental market is in equilibrium when its rental vacancy rate is approximately 5 percent is criticized. Based on theoretical and empirical literature, the case is made that the rental vacancy rate that prevails when the supply and demand for rental units are in balance varies among areas and types of units and is not always 5 percent. The Department of Housing and Urban Development is faulted for not recognizing these variations and, therefore, misusing rental vacancy rates in its formula alloca- tions for the Section 8 and HOME programs. Observed vacancy rates offer meaningful insight into rental market conditions only when they are compared with empirically derived estimates of equilibrium vacancy rates. The methods for estimating these rates, however, are still being refined, and the data needed to derive such estimates are available only for a limited set of metropolitan areas. Other measures are available that policy makers could use to judge the adequacy of low-income housing supply in local markets, but they are also somewhat problematic.
524			_aTo cite this article: Eric S. Belsky (1992) Rental vacancy rates: A policy primer, Housing Policy Debate, 3:3, 793-813, DOI: 10.1080/10511482.1992.9521110
650		0	_aHousing Market _zInternational _zNorth America _9500
856			_uhttp://dx.doi.org/10.1080/10511482.1992.9521110 _yView item on publishers website
942			_2ddc _cA
999			_c631 _d631